"Rising Electrification and Improving Safety Standards are increasing the Demand for Electrical Testing Services Market"

Globally, the electrical testing services market is expected to grow with a CAGR of 7.3% during the forecast period from 2024 to 2032 and is expected to reach a market value of around US$ 9.39 Bn in 2031. Electrical testing services are an electrical assessment, which includes inspection, systematic scrutiny, and diagnosis of important heavy-duty electrical devices. These services are an essential process for checking the systems functioning, performance and working longevity. These services enable the manufacturing units to run their process by reducing downtime and work, which results in cost saving and healthy work environment.

Various factors which are increasing the demand for these services include increasing demand for safety in plants and manufacturing units, reduction of downtime and others. As there is development in the industrial sector, the number of cases due to electrocution and related fire has increased. To maintain the systems and avoid any such issues various manufacturing plants, power generation organizations, oil refineries and other industries drive the demand for electrical testing services. However, high initial investment and lack of financial support in small and emerging sectors are expected to hinder the market growth during the forecast period.

"Electrical Testing Services with Transmission and Distribution its End-Use Segment Continue Dominating the Market"

In 2023, the transmission and distribution segment led the overall electrical testing services market by contributing to over 35% of the total revenue generated globally. The increasing demand for reliable electricity and power among the end users such as manufacturing industries, IT & Telecom hubs, individuals, and others, there is requirement of transmission and distribution of the power from place of generation of the power to the end user, to maintain the functionality of the work electric testing services for these are required the most.

"North America Dominates the Market by Region"

The global electrical testing services market is led by North America due to presence of various heavy metal industries, electric component manufacturing industry present in the region and is expected to grow with a CAGR of 6.7% during the forecast period. Additionally government investing highly in public transport including railways is some of the factors, which are driving the market in the region. Additionally, there are various power plants that require regular electrical testing and maintenance services that also contributes in the growth of the market.

Some of the prominent players operating in the electrical testing services  market includes Voltech Group, ABB Inc., Quanta Services, Inc., RESA Power, LLC, SD Myers LLC, Siemens AG, Vertiv Co., TÜV SÜD Group, Inel Power System Engineers Pvt. Ltd., Applus Services SA, DNV GL SA, Doble Engineering Company, Eaton Corporation plc, General Electric Company, Hydro Tasmania Group and  Other Notable Players.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electrical Testing Services market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Electrical Testing Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Electrical Testing Services market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Electrical Testing Services market?
• Which is the largest regional market for Electrical Testing Services market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Electrical Testing Services market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Electrical Testing Services market worldwide?